MTN Nigeria Plc has reported a loss before tax of N177.8 billion compared to a pre-tax profit of N518.8 billion a year earlier. The losses resulted in a wipe-out of shareholders’ funds.
The company attributed the losses to a massive foreign currency loss of N740 billion up from N81 billion reported in 2022.
This is the company’s first-ever loss since it became a quoted company in Nigeria.
According to MTN, “the loss was significantly due to operational changes to the Nigerian Foreign exchange market, including the abolishment of the segmented/parallel structure announced by CBN in June 2023.”
– Nairametrics
